The NCLT has initiated insolvency proceedings against a subsidiary of OY; Agency file application

In a tweet, the group’s CEO R Tesh Agarwal sent a text message to the OIO claiming it was ‘absolutely wrong and wrong’.

Representative photo CNBC-TV18

New Delhi: An interim motion has been announced at a public hearing directing the National Agency Law Tribunal to order insolvency proceedings against OA Hotels and Homes Pvt Ltd from March 30.

Ahmedabad-based Kuri Jagadishbhai Shah has been appointed as an interim resolution professional to conduct the interim activities.

OYO, meanwhile, said it had challenged its authorized entities, OA Hotels and Homes Private Limited (OHHPL), in the National Law Appellate Tribunal (NCLAT).

Interim resolution professionals of OY Hotels and Homes Pvt Ltd are requested to submit their claim with proof on or before April 20, 2021.

“We are surprised to hear that the Hon’ble NCLT has accepted OHPL’s subsidiary OHPL for a dispute over the agreement, which is not a dispute with this subsidiary, we have made an application,” said a spokesman for OY.

“The case is a sub-trial case and we will refrain from commenting further at this stage,” the spokesman said. We have strong faith and confidence in our judiciary. ”

Ritesh Agarwal, founder and chief executive of OIO, said in a tweet that “a PDF and text message claiming to be bankrupt has been circulated. This is a completely wrong and incorrect application (wants to point out an application to the NCLT).”

In another tweet, he said, “OIO has already paid for the protest and money from the claimant.” The OIO has appealed to the NCLAT in this regard. The OIO is recovering unabated from the epidemic and our largest markets are operating profitably. “

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